House prices rose at the slowest rate in nearly three years in May.
Figures from the Office for National Statistics showed rapidly rising interest rates cooling the residential market, as house prices rose by 1.9% in the year to May, down from the 3.2% recorded in April.
It is the weakest rate since July 2020. On a month-on-month basis, prices were stagnant between April and May.
The average UK home is now worth £286,000, £6,000 higher than a year ago but below the £293,000 peak recorded in September last year.
